It’s hard to believe, but Christmas is just over a week away! With that in mind, this week’s FIN List is focused on what’s likely on your customers’ financial IT “wish lists.” As it turns out, visions of better banking experiences, mobile everything and secured data are dancing in your customers’ heads. Read on for the details.
- What Millennials want from their banks. As the youngest and largest generation, Millennials are making a mark on society. Here’s a look at some of the things this generation wants when it comes to their banking needs: technology, access to cash, online payment options, quick-and-easy banking, privacy and better branches.
- Mobile mortgages on the rise. Mobile technology has become increasingly popular with homebuyers, according to a survey conducted by Fannie Mae — which found that demand for and usage of mobile mortgage products has almost doubled over the past 12 months.
- Users demand mobile deposit. According to a new Federal Reserve report, mobile deposit is the second most common activity among mobile banking users. 82% of these users have their bank’s app on their smartphones. And yet, community banks continue to lag behind in offering the service.
- Mobile banking likes and dislikes. Millennials have hard and fast opinions about their mobile banking experience. A new survey by digital ID verification company Jumio found that although these users prefer mobile banking, uncertainties about data security and frustrations with forgotten passwords frequently force them to abandon their transactions.
- Building a customer data “bunker.” Customers want to know that their data will be protected and secure, even in the event of a disaster. With that in mind, some industry groups believe financial institutions can and should create a secure and portable vault for their customers’ data — one that’s cordoned off from the rest of the bank’s systems.
Be sure to follow us on the blog and on LinkedIn to keep up with the latest industry trends. And don’t forget to check back next Wednesday for the latest FIN List.